Home loan payoff or investment – Which is a smarter move?

Pavitra received Rs. 3.5 lakhs from the sale of a family property in her native place. She has a housing loan of Rs. 30 lakhs for which she is paying a monthly EMI of Rs. 35,000. She has completed 2 years of the 7 years of the loan tenure. Pavitra is thinking about repaying a part of the loan with the entire inheritance amount while her husband is of the opinion that they must invest a part of it for their children's education in mutual funds or equity shares.

Often, these complex decisions...Read more:Home loan payoff or investment – Which is a smarter move?

Home loan payoff or investment – Which is a smarter move?

Pavitra received Rs. 3.5 lakhs from the sale of a family property in her native place. She has a housing loan of Rs. 30 lakhs for which she is paying a monthly EMI of Rs. 35,000. She has completed 2 years of the 7 years of the loan tenure. Pavitra is thinking about repaying a part of the loan with the entire inheritance amount while her husband is of the opinion that they must invest a part of it for their children's education in mutual funds or equity shares.

Often, these complex decisions...Read more:Home loan payoff or investment – Which is a smarter move?

How a Loan Payoff Calculator Works

To make sure that you truly understand how a loan transaction works, especially in terms of the amount of money you would need to pay off a loan, you need to understand how a loan payoff calculator works. A loan payoff calculator helps you figure out how long it will take before you can pay off your loan if you stick to a fixed monthly plan. There are two types of such calculator: the early payoff and the snowball.
How do I use an early loan payoff calculator?
You will use the early pay off...Read more:How a Loan Payoff Calculator Works

Payday Loan Debt Consolidation: Different Methods To Go About It

Given the financial situation that has been prevalent all around, it’s no wonder that people are often in need of some urgent cash and this necessity is generally taken care of by payday loans. Now, on the other hand fact remains that if you take out multiple loans, then there might come a situation wherein you might not be able to manage all of these together. However, there’s no need to panic really for you can now consolidate your payday loans into one monthly payment through payday loan...Read more:Payday Loan Debt Consolidation: Different Methods To Go About It

Five Different Debt Payoff Strategies

Now that you’ve done the first five steps to improve your financial situation, you may be wondering, what’s next?

You have this gorgeous spreadsheet, and you’re ready to begin paying down (no! paying off!) your debt. Here are five different debt payoff strategies, spelled out in plain English, that will help you decide the right plan for you. Remember, these are simply options. Try one for a while, and if it doesn’t work, go ahead and try another. Or, combine two different strategies!...Read more:Five Different Debt Payoff Strategies